Strategic Investment to Expand Cell and Pack Manufacturing
Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) manager, has led a ₹325 crore funding round in Waaree Energy Storage Systems Pvt. Ltd. (WESSPL), the battery division of Waaree Group. The firm’s ₹128 crore contribution headlines Waaree’s ongoing ₹1,000 crore fundraise, which aims to accelerate domestic capacity in cell and battery pack manufacturing and scale the company’s Battery Energy Storage Systems (BESS) portfolio.
Co-Investors Join India’s Clean Energy Push
The round also saw participation from notable investors including Vivek Jain, Managing Director of Action Tesa and GrowthSphere, and Saket Agarwal, former Director of Apollo Pipes Ltd. and Apollo Tricoat. The infusion of private capital underscores growing institutional confidence in India’s clean energy infrastructure and the emerging energy storage value chain.
Strengthening India’s Energy Transition Platform
Arvind Kothari, Founder of Niveshaay, said the partnership reflects the fund’s focus on the energy transition opportunity and its role in fostering domestic storage platforms with technology depth and scalability. With the funding, Waaree is set to expand its manufacturing base and enhance its contribution to India’s clean-tech and EV ecosystems, supporting the nation’s self-reliance in advanced battery technologies.
